Govt has no proposal to reduce gold import duty

26-July-2014
Govt has no proposal to reduce gold import duty

Government does not have any current proposal to cut the record 10% import duty on gold, Minister of State for Finance Nirmala Sitharaman said on Friday.

She added that the govt has not yet decided its policy stance on foreign direct investment in supermarkets.

In a bid to trim the current account deficit, govt had taken a slew of measures to curb demand for bullion, its second-biggest import after oil.

Besides the duty imposed by the finance ministry, the Reserve Bank of India also imposed the so-called 80-20 rule that requires a fifth of all bullion imports to be re-exported.

Source : business-standard.com

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